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Created by kinghanratty
almost 10 years ago
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Question | Answer |
What is a product ? | A product is a good or a service |
What is a business plan? | A business plan is a document that is used as a map to guide you through the future of the business. It can also be used to show investors |
What are the factors of production ? | These are what used to develop the business. They are Land, Labour, Enterprise and Capital |
What is a sole trader ? | A business owned by one person. |
What is a partnership ? | A business owned by 2- 20 people. |
What does interdependence mean ? |
All of the sectors rely on each other.
Image:
HAgrid (image/png)
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What are 2 advantages and disadvantages of a sole trader ? | Advantages -You are your own boss -You go with your ideas -All profit is yours Disadvantages - No one to bounce ideas off -No additional income -If business fails its all on you. |
What are the sectors of economy ? | Primary - Raw materials (Gold, Wood) Secondary-Manufacturing (Table Maker) Tertiary- Selling (Shop, Ikea) |
What is limited liability ? | Limited liability is where if the business fails business money and personal money are different. |
What is unlimited liability ? | Unlimited liability means that if the business fails business money and personal money are the same. |
What are 2 small business structures ? | Sole trader Partnership |
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